ATRL AtkinsRealis Group Inc

MONTREAL, Jan. 23, 2025 /CNW/ - Candu Energy Inc., an AtkinsRéalis company [AtkinsRéalis Group Inc.] (TSX: ATRL), in a joint venture (JV) with Aecon Group Inc., has been awarded a contract by Ontario Power Generation (OPG) to progress the early works associated with the Pickering Nuclear Generating Station Retube, Feeder and Boiler Replacement project (RFBR). The contract covers professional engineering services, procurement, and execution planning associated with critical path activities for Ontario's announced life-extension of four of Pickering's CANDU®¹ reactors to operate until the mid 2060s. The mandates are worth approximately $1.1 billion to the JV for early works and roughly $1 billion for the definition phase. AtkinsRéalis' share of the early works portion of the contract was added to its Nuclear backlog in the third quarter of 2024. Its share of the definition phase contract will be added to its Nuclear backlog in the first quarter of 2025.

"CANDU reactors are a low-cost, world-class technology with a proven track record in Canada and abroad of on time and on budget performance," commented Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis. "As the original equipment manufacturer of the only Canadian-owned and developed nuclear reactor technology, we are proud to undertake this work to ensure the CANDU reactors at Pickering continue providing clean, reliable, and affordable power to Ontario for decades to come. It's part of the 19 CANDU reactor life extension projects needed in the next 10 years."

CANDU Technology at Pickering: Providing Clean, Reliable, Affordable Power

Ontario's Independent Electricity System Operator forecasts that electricity demand in the province will increase 75% by 2050². A life-extension of Pickering's CANDU reactors, to be completed by the mid 2030s, will allow them to safely operate for another 30 years, and is part of Ontario's plan to maintain and increase the supply of affordable baseload clean power. This will take place against the backdrop of life-extensions of 10 other CANDU reactors at the Bruce Power and Darlington sites, the building of four small modular reactors at Darlington, the planned build of new nuclear reactors totalling 4,800 MW at Bruce Power's site, and exploration of three OPG-owned sites in southern Ontario which are zoned for power production, regarding their suitability for hosting new energy generation including new nuclear power.

The Pickering life-extension project, which involves replacing critical reactor components, will not only sustain current jobs but also create new employment opportunities for a highly skilled and well-paying engineering, skilled trades, and manufacturing workforce at the station and currently supporting CANDU refurbishment projects elsewhere in Ontario. The CANDU supply chain is 85% Canadian, sustaining 89,000 jobs.³

"Refurbishing Pickering secures decades more of the low carbon reliable baseload electricity Ontario needs to meet forecasted soaring demand," said Nicolle Butcher, OPG President and CEO. "Drawing on our shared experience on the on-time, on-budget Darlington Refurbishment Project, working with trusted partners like AtkinsRéalis and Aecon sets the stage for similar project excellence as we refurbish Units 5-8 at the Pickering Nuclear Generating Station."

"CANDU technology, as Canada's only domestically developed, large scale nuclear technology, is a source of national pride," said Joe St. Julian, President, Nuclear, AtkinsRéalis. "We are honoured to continue to play a leading role in every CANDU reactor life extension globally, and to again work with our trusted JV partner in Ontario, Aecon. The CANDU reactors at OPG—an operating fleet of eight in total—are indispensable to providing Ontario with energy security and reliable, clean power to millions of people. All while increasing reactor power output to help meet the challenges of increased demand from a rising population, as well as a growing industrial manufacturing base."

Pickering's CANDU reactors that have been safely and reliably operating 45 km east of Toronto have been maintained and upgraded over the years, and provide about 10% of Ontario's electricity with clean, stable baseload power that is not weather-dependent. The facility employs 4,500 people.⁴

The CANDU reactors at the Pickering facility also produce cancer-fighting medical isotopes while concurrently producing power. They provide around 20% of the global supply of the Cobalt 60 medical isotope.⁵ Like all CANDU reactors, the technology operating at Pickering benefits from the use of natural uranium as a fuel source, the ability to refuel during operation, online maintenance, and world-class "defence in depth" safety systems.

About AtkinsRéalis   

Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-class engineering services and nuclear company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world's infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services, Nuclear and Capital.  News and information are available at www.atkinsrealis.com or follow us on LinkedIn.  

About AtkinsRéalis' Nuclear Business

AtkinsRéalis has over 70 years of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. AtkinsRéalis is the steward of CANDU® nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. With an innovative technology portfolio, including access to over 500 patented solutions, AtkinsRéalis solves technically complex challenges across the whole nuclear lifecycle from design and new build through asset management and from life extension and late life management through decommissioning and waste management. AtkinsRéalis operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. AtkinsRéalis' CANDU technology also allows for the co-production of medical radioisotopes for cancer detection and treatment. The company also supports cancer treatment through its partnership with TerraPower to extract isotopes from legacy nuclear material. Learn more on our Nuclear market page. 

Forward-Looking Statements

References in this press release to the "Company", "AtkinsRéalis", "we", us" and "our" mean, as the context may require, AtkinsRéalis Group Inc. or all or some of its subsidiaries or joint arrangements or associates. Statements made in this press release that describe the Company's expectations or strategies constitute "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "estimates", "expects", "forecasts", "intends", "may", "objective", "plans", "projects", "should", "will", "likely", or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions or results could differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company's 2023 annual management disclosure & analysis ("MD&A") (particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report our Results") filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.com and on the Company's website at www.atkinsrealis.com under the "Investors" section. If these assumptions are inaccurate, the Company's actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company's assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. Those risks are identified in the Company's 2023 annual MD&A (particularly in the section entitled "Risk and Un certainties"), as may be updated from time to time in the Company's interim quarterly MD&A, are not exhaustive. The forward-looking statements herein reflect the Company's expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any such forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.

SOURCE AtkinsRéalis